Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[_Violet · Accepted solution]

Hi all 👋 @Blackbear579 @DD_2019 @Me2018_ @Swain - I just wanted to drop in to provide some context on Square Loan offers:

Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan. You can find additional details here in the Square Loan Eligibility FAQ support article.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[sayra · Accepted solution]

Hello, @Fca. 

It's understandable that you're curious about the timeline for a new loan offer after being denied, especially given your previous experience. Every case and account is different, on this platform we do not have greater visibility regarding your account and loan qualifications. 

For Square Loan related questions and Loan availability or eligibility you will want to reach out to the Square Banking team. They are available at 855-700-6000 between 6 am - 6 pm Pacific Time Monday-Friday. Our designated team will be more than happy to help you further. 

In addition, we went ahead and merged your post to this existing thread where other Square Sellers have discussion their Square Loans. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. 

Thank you. 

[Devmichelle]

Right after this I got an offer. A very very small offer but finally! It’s been months since June for me!

[lisap1970]

Me too. I’m at 87% always had an offer at 60-75%. I’m so worried 

[TaylorA92]

Looks like a huge day for offers today. Just got my biggest loan offer yet. This is loan 5. Payback rate/interest was comparable to others. We had just hit 80% paid. 

[lisap1970]

Do you have your bank account linked ?

[TaylorA92]

No bank account linked. Sales are up 40% on the year but July and August were our worst two months (slow season) but picked back up to normal volume the last 2! We process 200k. Loan was for 36k. Last loan was 20k.

[lisap1970]

That’s awesome. My slow months were August and September but we have picked up now. I don’t do nearly that much in sales but I am up 30% from last year . 

[Treecie]

Did you link you bank account?

[lisap1970]

Everyone that got approved was your bank account connected . I haven’t connected mine yet. Wandering if it made a difference. 

[eatMoroccan3119]

congrats to everyone that got a new offer today ! 

Update us too once it's approved ! 

We are waiting for ours too. at 90% paid now ! 

Square capital is def a big part of our growth the past year. We doing 1mil + this fiscal year, largely thanks to the firepower square gives us !

[lisap1970]

Did u link your bank account? 

[eatMoroccan3119]

Our account is never linked. we have had 4-5 loans now. I think it helps to link if you have a healthy bank balance/activity. Loan amount and eligibilty will be better. 

[lisap1970]

I haven’t link my second business account and I’ve had square loans two a year since 2014 at 60-75%. But not a peep at 87%. It always helped me during the holidays for inventory. Maybe soon

[eatMoroccan3119]

Don';t worry , it will come very soon I think if you keep processing and making sales. 

[HTB44]

Has anyone gotten a loan later in the day AFTER the system has said “updated 10/19/2023 at 12:59pm”? 

[eatMoroccan3119]

I have gotten loans at 5pm before.

[BellaXpress]

I received an offer today for $19,600! This is my 9th loan with Square, I was at 83%! I’m still waiting on approval! But I’m excited because it’s been soooo slow and these loans help me out so much! Keep hope alive yall! They are still offering loans!! 🙏🏽💃🏾 (I am a hair salon) 

[TrendzbyM]

Congrats! I just linked my bank account so I hope that helps me out!

[eatMoroccan3119]

awesome ! congrats. Hope the approval comes soon ( it will probably be tomorrow during their working hours) 

Is this your biggest offer so far? 

[BellaXpress]

They literally approved the loan in 10 min, the money is already in my square account🥹🙌🏽 I am so happy I started crying! Don’t worry, yours will come soon, just keep processing! 

[BellaXpress]

Yes, the last one I got was for $14,500 and this one for $19,600!

[eatMoroccan3119]

that's awesome. congrats and good luck with ya business !!!